Terms Used In Virginia Code > Title 12.1 > Chapter 1 - General Provisions

• borrower: means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan or (ii) any person who is contractually obligated with such resident for repaying the qualified education loan. See Virginia Code 6.2-2600
• Chief: means the Chief of the Division of Mines of the Department of Energy. See Virginia Code 45.2-100
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Financial institution: means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union. See Virginia Code 6.2-100
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Licensee: means a person to whom a license has been issued under this chapter. See Virginia Code 6.2-2600
• loan servicer: means any person, wherever located, that:

  1. See Virginia Code 6.2-2600

• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity. See Virginia Code 6.2-2600
• Qualified education loan: includes a loan made to refinance a qualified education loan. See Virginia Code 6.2-2600
• Registry: means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. See Virginia Code 6.2-2600
• Servicing: means :

  1. See Virginia Code 6.2-2600

• Trustee: A person or institution holding and administering property in trust.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.